B2Gold Corp. (BTG) 10-Year Financial Performance & Capital Metrics

BTG • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersMulti-Mine Operators

AboutB2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 25% interest in the Calibre Mining Corp.; and approximately 19% interest in BeMetals Corp. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Uzbekistan, and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.Show more

Revenue $1.9B -1.7%
EBITDA $119M -83.8%
Net Income -$630M -6338.4%
EPS (Diluted) -0.48 -5953.7%
Gross Margin 37.13% -7.9%
EBITDA Margin 6.26% -83.6%
Operating Margin -13.06% -177.1%
Net Margin -33.12% -6444.2%
ROE -18.19% -6406.7%
ROIC -5.39% -169.1%
Debt/Equity 0.14 +193.6%
Interest Coverage -7.13 -130.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 10.5%
✓Healthy dividend yield of 3.0%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.6%

5Y10.48%

3Y2.58%

TTM30.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM129.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM125.65%

ROCE

10Y Avg11.62%

5Y Avg15.46%

3Y Avg5.79%

Latest-5.66%

Peer Comparison

Multi-Mine Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLHecla Mining Company	16.9B	25.22	445.58	29.12%	25.23%	12.61%	0.02%	0.27
CDECoeur Mining, Inc.	13.63B	21.22	141.47	28.35%	24.03%	13.21%		0.54
ARMNAris Mining Corporation	3.7B	18.24	130.29	14.06%	6.35%	3.44%		0.48
NGDNew Gold Inc.	8.24B	10.41	74.36	17.55%	20.16%	20%	1.48%	0.38
AGIAlamos Gold Inc.	16.92B	40.30	58.41	31.62%	33.38%	13.27%	1.39%	0.08
CGAUCenterra Gold Inc.	3.24B	16.06	45.89	10.92%	26.35%	17.46%	3.52%	0.01
EGOEldorado Gold Corporation	8.16B	40.61	28.80	30.94%	22.17%	9.08%	0.3%	0.24
EQXEquinox Gold Corp.	11.43B	14.56	21.41	39.14%	5.73%	2.35%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	553.66M	683.29M	638.68M	1.23B	1.16B	1.79B	1.76B	1.73B	1.93B	1.9B
Revenue Growth %	0.14%	0.23%	-0.07%	0.92%	-0.06%	0.55%	-0.01%	-0.02%	0.12%	-0.02%
Cost of Goods Sold+	466.63M	473.22M	488.39M	860.4M	705.18M	830.64M	993.71M	1.13B	1.15B	1.2B
COGS % of Revenue	0.84%	0.69%	0.76%	0.7%	0.61%	0.46%	0.56%	0.65%	0.6%	0.63%
Gross Profit+	87.03M	210.08M	150.28M	364.66M	450.46M	958.29M	768.55M	604.24M	780M	706.2M
Gross Margin %	0.16%	0.31%	0.24%	0.3%	0.39%	0.54%	0.44%	0.35%	0.4%	0.37%
Gross Profit Growth %	-0.07%	1.41%	-0.28%	1.43%	0.24%	1.13%	-0.2%	-0.21%	0.29%	-0.09%
Operating Expenses+	181.8M	83.82M	63.63M	94.61M	-57.55M	-94.65M	54.96M	101.85M	452.6M	954.52M
OpEx % of Revenue	0.33%	0.12%	0.1%	0.08%	-0.05%	-0.05%	0.03%	0.06%	0.23%	0.5%
Selling, General & Admin	56.29M	59.62M	67.25M	73.82M	74.92M	69.22M	72.76M	79.32M	83.28M	84.16M
SG&A % of Revenue	0.1%	0.09%	0.11%	0.06%	0.06%	0.04%	0.04%	0.05%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	125.51M	24.2M	-3.62M	20.79M	-132.47M	-163.87M	-17.8M	22.52M	369.32M	870.36M
Operating Income+	-94.77M	126.26M	86.65M	286.11M	508.01M	1.05B	713.59M	502.4M	327.4M	-248.33M
Operating Margin %	-0.17%	0.18%	0.14%	0.23%	0.44%	0.59%	0.4%	0.29%	0.17%	-0.13%
Operating Income Growth %	0.87%	2.33%	-0.31%	2.3%	0.78%	1.07%	-0.32%	-0.3%	-0.35%	-1.76%
EBITDA+	49.52M	296.51M	252.89M	521.65M	759.31M	1.35B	1.09B	886.25M	737.15M	119.08M
EBITDA Margin %	0.09%	0.43%	0.4%	0.43%	0.66%	0.76%	0.62%	0.51%	0.38%	0.06%
EBITDA Growth %	1.08%	4.99%	-0.15%	1.06%	0.46%	0.78%	-0.19%	-0.19%	-0.17%	-0.84%
D&A (Non-Cash Add-back)	144.29M	170.25M	166.24M	235.54M	251.31M	301.49M	378.89M	383.85M	409.75M	367.41M
EBIT	-127.34M	77.77M	81.8M	282.38M	508.94M	1.05B	738.02M	541.46M	320.15M	-274.38M
Net Interest Income+	-16.1M	-10.18M	-12.91M	-30.64M	-26.55M	-15.8M	-8.81M	1.12M	4.59M	-14.11M
Interest Income	0	0	0	0	0	0	2.98M	11.96M	18.52M	20.73M
Interest Expense	16.1M	10.18M	12.91M	30.64M	26.55M	15.8M	11.8M	10.84M	13.93M	34.85M
Other Income/Expense	-48.67M	-57.73M	-17.75M	-18.99M	-25.62M	-18.51M	12.63M	28.22M	-7.06M	-60.9M
Pretax Income+	-143.44M	68.53M	68.9M	267.13M	482.39M	1.03B	726.23M	530.62M	320.33M	-309.22M
Pretax Margin %	-0.26%	0.1%	0.11%	0.22%	0.42%	0.58%	0.41%	0.31%	0.17%	-0.16%
Income Tax+	1.67M	29.93M	7.33M	132.36M	173.53M	362.01M	265.4M	243.89M	278.75M	317.43M
Effective Tax Rate %	1.05%	0.57%	0.83%	0.11%	0.61%	0.61%	0.58%	0.48%	0.03%	2.04%
Net Income+	-149.95M	39.13M	56.85M	28.94M	293.38M	628.06M	420.06M	252.87M	10.1M	-629.89M
Net Margin %	-0.27%	0.06%	0.09%	0.02%	0.25%	0.35%	0.24%	0.15%	0.01%	-0.33%
Net Income Growth %	0.77%	1.26%	0.45%	-0.49%	9.14%	1.14%	-0.33%	-0.4%	-0.96%	-63.38%
Net Income (Continuing)	-145.11M	38.6M	61.57M	134.77M	308.86M	672.41M	460.82M	286.72M	41.59M	-626.65M
Discontinued Operations	0	0	0	0	6.98M	0	0	0	0	0
Minority Interest	8.86M	9.57M	14.29M	41.91M	61.41M	88.57M	100.58M	103.62M	99.09M	52.6M
EPS (Diluted)+	-0.16	0.04	0.06	0.10	0.29	0.59	0.40	0.24	0.01	-0.48
EPS Growth %	0.82%	1.25%	0.44%	0.72%	1.9%	1.03%	-0.32%	-0.4%	-0.97%	-
EPS (Basic)	-0.16	0.04	0.06	0.03	0.29	0.60	0.40	0.24	0.01	-0.48
Diluted Shares Outstanding	922.11M	955.14M	991.41M	1.05B	1.02B	1.06B	1.06B	1.07B	1.24B	1.31B
Basic Shares Outstanding	922.11M	941.74M	976.37M	1.05B	1.01B	1.04B	1.05B	1.06B	1.23B	1.31B
Dividend Payout Ratio	-	-	-	-	0.04%	0.19%	0.4%	0.65%	18.83%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	203.6M	277.07M	395.85M	363.03M	429.5M	762.7M	1.04B	1.03B	707.09M	901.25M
Cash & Short-Term Investments	85.14M	144.67M	147.47M	102.75M	140.6M	479.69M	672.09M	651.65M	305.32M	348.33M
Cash Only	85.14M	144.67M	147.47M	102.75M	140.6M	479.69M	672.09M	651.65M	305.32M	336.77M
Short-Term Investments	0	0	0	0	0	0	0	0	0	11.56M
Accounts Receivable	32.13M	27.71M	41.94M	26.31M	46.74M	28.2M	42.3M	43.26M	48.45M	66.47M
Days Sales Outstanding	21.18	14.8	23.97	7.84	14.76	5.75	8.76	9.11	9.14	12.76
Inventory	86.32M	104.69M	206.44M	233.97M	217.92M	238.06M	271.99M	331.88M	344.72M	477.3M
Days Inventory Outstanding	67.52	80.75	154.29	99.25	112.8	104.61	99.9	107.36	109.01	145.69
Other Current Assets	0	0	0	-1.95M	22.02M	11.86M	54.19M	3.85M	0	0
Total Non-Current Assets+	1.82B	2.06B	2.29B	2.18B	2.25B	2.6B	2.51B	2.64B	4.14B	3.91B
Property, Plant & Equipment	1.72B	1.95B	2.12B	2.04B	2.05B	2.39B	2.23B	2.27B	3.55B	3.29B
Fixed Asset Turnover	0.32x	0.35x	0.30x	0.60x	0.56x	0.75x	0.79x	0.76x	0.55x	0.58x
Goodwill	0	0	41.94M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	26.31M	0	0	0	0	0	0
Long-Term Investments	52.56M	63.75M	75.57M	76.23M	144.19M	104.69M	164.9M	184.03M	274.88M	227.43M
Other Non-Current Assets	44.86M	44.96M	39.85M	35.3M	61.31M	83.43M	116.61M	187.13M	305.61M	392.98M
Total Assets+	2.02B	2.34B	2.69B	2.55B	2.68B	3.36B	3.56B	3.68B	4.85B	4.81B
Asset Turnover	0.27x	0.29x	0.24x	0.48x	0.43x	0.53x	0.50x	0.47x	0.40x	0.40x
Asset Growth %	-0.04%	0.15%	0.15%	-0.05%	0.05%	0.25%	0.06%	0.03%	0.32%	-0.01%
Total Current Liabilities+	98.92M	176.04M	494.54M	207.25M	165.06M	286.09M	230.88M	233.51M	311.87M	580.34M
Accounts Payable	58.74M	64.86M	95.09M	80.32M	83.37M	89.06M	111.56M	114.74M	166.26M	156.26M
Days Payables Outstanding	45.95	50.03	71.07	34.07	43.15	39.14	40.98	37.12	52.57	47.69
Short-Term Debt	11.73M	13.94M	302.63M	25.01M	26.03M	34.11M	25.37M	15.51M	16.17M	16.41M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	17.28M	9.75M	10.37M	5.02M	2.27M	8.21M	1.79M	7.68M	9.37M	304.18M
Current Ratio	2.06x	1.57x	0.80x	1.75x	2.60x	2.67x	4.52x	4.43x	2.27x	1.55x
Quick Ratio	1.19x	0.98x	0.38x	0.62x	1.28x	1.83x	3.35x	3.01x	1.16x	0.73x
Cash Conversion Cycle	42.75	45.53	107.19	73.02	84.41	71.22	67.68	79.36	65.57	110.75
Total Non-Current Liabilities+	612.92M	705.53M	624.22M	687.7M	466.36M	415.7M	368.6M	335.68M	647.84M	1.2B
Long-Term Debt	451.47M	472.85M	399.55M	454.53M	192.29M	0	0	0	141.91M	391.46M
Capital Lease Obligations	0	0	0	2.19M	43.53M	75.91M	49.66M	41.69M	33.06M	29.76M
Deferred Tax Liabilities	68.94M	74.07M	81.52M	103.38M	145.59M	220.9M	187.63M	182.43M	187.14M	169.64M
Other Non-Current Liabilities	92.52M	158.61M	113.15M	129.79M	84.95M	118.88M	131.31M	111.55M	285.73M	606.05M
Total Liabilities	711.84M	881.57M	1.12B	894.95M	631.42M	701.79M	599.47M	569.19M	959.71M	1.78B
Total Debt+	463.19M	486.78M	702.18M	479.54M	261.85M	110.02M	75.03M	57.2M	191.14M	437.62M
Net Debt	378.05M	342.11M	554.71M	376.78M	121.25M	-369.66M	-597.06M	-594.45M	-114.18M	100.85M
Debt / Equity	0.35x	0.33x	0.45x	0.29x	0.13x	0.04x	0.03x	0.02x	0.05x	0.14x
Debt / EBITDA	9.35x	1.64x	2.78x	0.92x	0.34x	0.08x	0.07x	0.06x	0.26x	3.67x
Net Debt / EBITDA	7.63x	1.15x	2.19x	0.72x	0.16x	-0.27x	-0.55x	-0.67x	-0.15x	0.85x
Interest Coverage	-5.89x	12.40x	6.71x	9.34x	19.13x	66.63x	60.48x	46.34x	23.51x	-7.13x
Total Equity+	1.31B	1.45B	1.57B	1.65B	2.05B	2.66B	2.96B	3.11B	3.89B	3.03B
Equity Growth %	-0.14%	0.11%	0.08%	0.06%	0.24%	0.3%	0.11%	0.05%	0.25%	-0.22%
Book Value per Share	1.42	1.52	1.58	1.58	2.01	2.52	2.79	2.90	3.14	2.32
Total Shareholders' Equity	1.3B	1.44B	1.55B	1.61B	1.99B	2.57B	2.86B	3.01B	3.79B	2.98B
Common Stock	2.04B	2.15B	2.2B	2.23B	2.34B	2.41B	2.42B	2.49B	3.44B	3.51B
Retained Earnings	-706.89M	-667.76M	-610.91M	-547.84M	-261.25M	254.34M	506.69M	587.87M	393.83M	-515.31M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-96.25M	-95.44M	-94.29M	-146.15M	-145.07M	-138.53M	-136.11M	-145.8M	-124.62M	-102.71M
Minority Interest	8.86M	9.57M	14.29M	41.91M	61.41M	88.57M	100.58M	103.62M	99.09M	52.6M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	175.4M	411.81M	155M	450.87M	480.52M	987.76M	711.56M	567.91M	714.45M	877.6M
Operating CF Margin %	0.32%	0.6%	0.24%	0.37%	0.42%	0.55%	0.4%	0.33%	0.37%	0.46%
Operating CF Growth %	0.5%	1.35%	-0.62%	1.91%	0.07%	1.06%	-0.28%	-0.2%	0.26%	0.23%
Net Income	-115.08M	38.6M	61.57M	45.12M	293.06M	661.24M	416.37M	242.85M	41.59M	-626.65M
Depreciation & Amortization	233.6M	172.32M	-137K	-61.73M	257.15M	317.42M	375.56M	368.64M	402.37M	0
Stock-Based Compensation	15.21M	13.65M	18.13M	21.69M	0	0	0	0	18.17M	24.68M
Deferred Taxes	-6.84M	7.63M	-17.99M	40.04M	60.45M	54.85M	-5.22M	-3.76M	-9.14M	7.39M
Other Non-Cash Items	40.68M	53.21M	139.5M	395.22M	-82.03M	-130.61M	29.85M	71.65M	388.87M	1.75B
Working Capital Changes	7.83M	126.39M	-46.06M	10.52M	-48.11M	84.86M	-104.99M	-111.48M	-127.42M	-282.78M
Change in Receivables	3.05M	3.73M	-6.77M	3.35M	-19.52M	3.42M	-47.83M	-492.67K	-105.21M	-74.61M
Change in Inventory	7.64M	-17.86M	-58.06M	-41.19M	-18.87M	-26.13M	-23.83M	-48.28M	-50.48M	-185.75M
Change in Payables	7.17M	11.93M	20.39M	1.36M	5.43M	7.41M	11.97M	1.14M	-21.38M	-1.18M
Cash from Investing+	-294.92M	-391.85M	-346.84M	-273.47M	-268.9M	-355.81M	-283.76M	-373.38M	-845.34M	-763.3M
Capital Expenditures	-291.96M	-387.98M	-340.72M	-271.59M	-267.23M	-371.2M	-299.66M	-328.52M	-20.39M	-874.29M
CapEx % of Revenue	0.53%	0.57%	0.53%	0.22%	0.23%	0.21%	0.17%	0.19%	0.01%	0.46%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.18M	2.14M	-4.63M	626K	-54.4M	1.76M	-1.67M	-30.38M	-823.08M	51.43M
Cash from Financing+	75.39M	40.47M	193.02M	-220.51M	-173.64M	-280.49M	-225.99M	-198.63M	-191.37M	-69.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-10.51M	-121.36M	-166.89M	-163.87M	-190.15M	-184.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-14.28M	20.1M	-31.22M	-48.27M	-3.03M	-10.81M	-33.6M	-27.15M	-150.17M	-134.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-35M	60.86M	-217.4M	179.27M	213.29M	667.28M	467.53M	300.5M	638.09M	-23.66M
FCF Margin %	-0.06%	0.09%	-0.34%	0.15%	0.18%	0.37%	0.27%	0.17%	0.33%	-0.01%
FCF Growth %	0.73%	2.74%	-4.57%	1.82%	0.19%	2.13%	-0.3%	-0.36%	1.12%	-1.04%
FCF per Share	-0.04	0.06	-0.22	0.17	0.21	0.63	0.44	0.28	0.52	-0.02
FCF Conversion (FCF/Net Income)	-1.17x	10.52x	2.73x	15.58x	1.64x	1.57x	1.69x	2.25x	70.76x	-1.39x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-10.57%	2.83%	3.76%	1.8%	15.84%	26.66%	14.96%	8.34%	0.29%	-18.19%
Return on Invested Capital (ROIC)	-4.11%	5.43%	3.32%	10.34%	18.13%	35.38%	23.01%	15.46%	7.81%	-5.39%
Gross Margin	15.72%	30.74%	23.53%	29.77%	38.98%	53.57%	43.61%	34.88%	40.33%	37.13%
Net Margin	-27.08%	5.73%	8.9%	2.36%	25.39%	35.11%	23.84%	14.6%	0.52%	-33.12%
Debt / Equity	0.35x	0.33x	0.45x	0.29x	0.13x	0.04x	0.03x	0.02x	0.05x	0.14x
Interest Coverage	-5.89x	12.40x	6.71x	9.34x	19.13x	66.63x	60.48x	46.34x	23.51x	-7.13x
FCF Conversion	-1.17x	10.52x	2.73x	15.58x	1.64x	1.57x	1.69x	2.25x	70.76x	-1.39x
Revenue Growth	13.77%	23.41%	-6.53%	91.81%	-5.67%	54.8%	-1.49%	-1.68%	11.64%	-1.67%

Revenue by Segment

	2017	2018	2019
1040 Gold and Silver Ores	60M	60M	30M
1040 Gold and Silver Ores Growth	-	0.00%	-50.00%

Frequently Asked Questions

Growth & Financials

B2Gold Corp. (BTG) reported $2.50B in revenue for fiscal year 2024. This represents a 1009% increase from $225.4M in 2011.

B2Gold Corp. (BTG) saw revenue decline by 1.7% over the past year.

Yes, B2Gold Corp. (BTG) is profitable, generating $219.2M in net income for fiscal year 2024 (-33.1% net margin).

Dividend & Returns

Yes, B2Gold Corp. (BTG) pays a dividend with a yield of 3.05%. This makes it attractive for income-focused investors.

B2Gold Corp. (BTG) has a return on equity (ROE) of -18.2%. Negative ROE indicates the company is unprofitable.

B2Gold Corp. (BTG) had negative free cash flow of $185.6M in fiscal year 2024, likely due to heavy capital investments.

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B2Gold Corp. (BTG) 10-Year Financial Performance & Capital Metrics

BTG • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersMulti-Mine Operators

Revenue $1.9B -1.7%
EBITDA $119M -83.8%
Net Income -$630M -6338.4%
EPS (Diluted) -0.48 -5953.7%
Gross Margin 37.13% -7.9%
EBITDA Margin 6.26% -83.6%
Operating Margin -13.06% -177.1%
Net Margin -33.12% -6444.2%
ROE -18.19% -6406.7%
ROIC -5.39% -169.1%
Debt/Equity 0.14 +193.6%
Interest Coverage -7.13 -130.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 10.5%
✓Healthy dividend yield of 3.0%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y14.6%

5Y10.48%

3Y2.58%

TTM30.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM129.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM125.65%

ROCE

10Y Avg11.62%

5Y Avg15.46%

3Y Avg5.79%

Latest-5.66%

Peer Comparison

Multi-Mine Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLHecla Mining Company	16.9B	25.22	445.58	29.12%	25.23%	12.61%	0.02%	0.27
CDECoeur Mining, Inc.	13.63B	21.22	141.47	28.35%	24.03%	13.21%		0.54
ARMNAris Mining Corporation	3.7B	18.24	130.29	14.06%	6.35%	3.44%		0.48
NGDNew Gold Inc.	8.24B	10.41	74.36	17.55%	20.16%	20%	1.48%	0.38
AGIAlamos Gold Inc.	16.92B	40.30	58.41	31.62%	33.38%	13.27%	1.39%	0.08
CGAUCenterra Gold Inc.	3.24B	16.06	45.89	10.92%	26.35%	17.46%	3.52%	0.01
EGOEldorado Gold Corporation	8.16B	40.61	28.80	30.94%	22.17%	9.08%	0.3%	0.24
EQXEquinox Gold Corp.	11.43B	14.56	21.41	39.14%	5.73%	2.35%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	553.66M	683.29M	638.68M	1.23B	1.16B	1.79B	1.76B	1.73B	1.93B	1.9B
Revenue Growth %	0.14%	0.23%	-0.07%	0.92%	-0.06%	0.55%	-0.01%	-0.02%	0.12%	-0.02%
Cost of Goods Sold+	466.63M	473.22M	488.39M	860.4M	705.18M	830.64M	993.71M	1.13B	1.15B	1.2B
COGS % of Revenue	0.84%	0.69%	0.76%	0.7%	0.61%	0.46%	0.56%	0.65%	0.6%	0.63%
Gross Profit+	87.03M	210.08M	150.28M	364.66M	450.46M	958.29M	768.55M	604.24M	780M	706.2M
Gross Margin %	0.16%	0.31%	0.24%	0.3%	0.39%	0.54%	0.44%	0.35%	0.4%	0.37%
Gross Profit Growth %	-0.07%	1.41%	-0.28%	1.43%	0.24%	1.13%	-0.2%	-0.21%	0.29%	-0.09%
Operating Expenses+	181.8M	83.82M	63.63M	94.61M	-57.55M	-94.65M	54.96M	101.85M	452.6M	954.52M
OpEx % of Revenue	0.33%	0.12%	0.1%	0.08%	-0.05%	-0.05%	0.03%	0.06%	0.23%	0.5%
Selling, General & Admin	56.29M	59.62M	67.25M	73.82M	74.92M	69.22M	72.76M	79.32M	83.28M	84.16M
SG&A % of Revenue	0.1%	0.09%	0.11%	0.06%	0.06%	0.04%	0.04%	0.05%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	125.51M	24.2M	-3.62M	20.79M	-132.47M	-163.87M	-17.8M	22.52M	369.32M	870.36M
Operating Income+	-94.77M	126.26M	86.65M	286.11M	508.01M	1.05B	713.59M	502.4M	327.4M	-248.33M
Operating Margin %	-0.17%	0.18%	0.14%	0.23%	0.44%	0.59%	0.4%	0.29%	0.17%	-0.13%
Operating Income Growth %	0.87%	2.33%	-0.31%	2.3%	0.78%	1.07%	-0.32%	-0.3%	-0.35%	-1.76%
EBITDA+	49.52M	296.51M	252.89M	521.65M	759.31M	1.35B	1.09B	886.25M	737.15M	119.08M
EBITDA Margin %	0.09%	0.43%	0.4%	0.43%	0.66%	0.76%	0.62%	0.51%	0.38%	0.06%
EBITDA Growth %	1.08%	4.99%	-0.15%	1.06%	0.46%	0.78%	-0.19%	-0.19%	-0.17%	-0.84%
D&A (Non-Cash Add-back)	144.29M	170.25M	166.24M	235.54M	251.31M	301.49M	378.89M	383.85M	409.75M	367.41M
EBIT	-127.34M	77.77M	81.8M	282.38M	508.94M	1.05B	738.02M	541.46M	320.15M	-274.38M
Net Interest Income+	-16.1M	-10.18M	-12.91M	-30.64M	-26.55M	-15.8M	-8.81M	1.12M	4.59M	-14.11M
Interest Income	0	0	0	0	0	0	2.98M	11.96M	18.52M	20.73M
Interest Expense	16.1M	10.18M	12.91M	30.64M	26.55M	15.8M	11.8M	10.84M	13.93M	34.85M
Other Income/Expense	-48.67M	-57.73M	-17.75M	-18.99M	-25.62M	-18.51M	12.63M	28.22M	-7.06M	-60.9M
Pretax Income+	-143.44M	68.53M	68.9M	267.13M	482.39M	1.03B	726.23M	530.62M	320.33M	-309.22M
Pretax Margin %	-0.26%	0.1%	0.11%	0.22%	0.42%	0.58%	0.41%	0.31%	0.17%	-0.16%
Income Tax+	1.67M	29.93M	7.33M	132.36M	173.53M	362.01M	265.4M	243.89M	278.75M	317.43M
Effective Tax Rate %	1.05%	0.57%	0.83%	0.11%	0.61%	0.61%	0.58%	0.48%	0.03%	2.04%
Net Income+	-149.95M	39.13M	56.85M	28.94M	293.38M	628.06M	420.06M	252.87M	10.1M	-629.89M
Net Margin %	-0.27%	0.06%	0.09%	0.02%	0.25%	0.35%	0.24%	0.15%	0.01%	-0.33%
Net Income Growth %	0.77%	1.26%	0.45%	-0.49%	9.14%	1.14%	-0.33%	-0.4%	-0.96%	-63.38%
Net Income (Continuing)	-145.11M	38.6M	61.57M	134.77M	308.86M	672.41M	460.82M	286.72M	41.59M	-626.65M
Discontinued Operations	0	0	0	0	6.98M	0	0	0	0	0
Minority Interest	8.86M	9.57M	14.29M	41.91M	61.41M	88.57M	100.58M	103.62M	99.09M	52.6M
EPS (Diluted)+	-0.16	0.04	0.06	0.10	0.29	0.59	0.40	0.24	0.01	-0.48
EPS Growth %	0.82%	1.25%	0.44%	0.72%	1.9%	1.03%	-0.32%	-0.4%	-0.97%	-
EPS (Basic)	-0.16	0.04	0.06	0.03	0.29	0.60	0.40	0.24	0.01	-0.48
Diluted Shares Outstanding	922.11M	955.14M	991.41M	1.05B	1.02B	1.06B	1.06B	1.07B	1.24B	1.31B
Basic Shares Outstanding	922.11M	941.74M	976.37M	1.05B	1.01B	1.04B	1.05B	1.06B	1.23B	1.31B
Dividend Payout Ratio	-	-	-	-	0.04%	0.19%	0.4%	0.65%	18.83%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	203.6M	277.07M	395.85M	363.03M	429.5M	762.7M	1.04B	1.03B	707.09M	901.25M
Cash & Short-Term Investments	85.14M	144.67M	147.47M	102.75M	140.6M	479.69M	672.09M	651.65M	305.32M	348.33M
Cash Only	85.14M	144.67M	147.47M	102.75M	140.6M	479.69M	672.09M	651.65M	305.32M	336.77M
Short-Term Investments	0	0	0	0	0	0	0	0	0	11.56M
Accounts Receivable	32.13M	27.71M	41.94M	26.31M	46.74M	28.2M	42.3M	43.26M	48.45M	66.47M
Days Sales Outstanding	21.18	14.8	23.97	7.84	14.76	5.75	8.76	9.11	9.14	12.76
Inventory	86.32M	104.69M	206.44M	233.97M	217.92M	238.06M	271.99M	331.88M	344.72M	477.3M
Days Inventory Outstanding	67.52	80.75	154.29	99.25	112.8	104.61	99.9	107.36	109.01	145.69
Other Current Assets	0	0	0	-1.95M	22.02M	11.86M	54.19M	3.85M	0	0
Total Non-Current Assets+	1.82B	2.06B	2.29B	2.18B	2.25B	2.6B	2.51B	2.64B	4.14B	3.91B
Property, Plant & Equipment	1.72B	1.95B	2.12B	2.04B	2.05B	2.39B	2.23B	2.27B	3.55B	3.29B
Fixed Asset Turnover	0.32x	0.35x	0.30x	0.60x	0.56x	0.75x	0.79x	0.76x	0.55x	0.58x
Goodwill	0	0	41.94M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	26.31M	0	0	0	0	0	0
Long-Term Investments	52.56M	63.75M	75.57M	76.23M	144.19M	104.69M	164.9M	184.03M	274.88M	227.43M
Other Non-Current Assets	44.86M	44.96M	39.85M	35.3M	61.31M	83.43M	116.61M	187.13M	305.61M	392.98M
Total Assets+	2.02B	2.34B	2.69B	2.55B	2.68B	3.36B	3.56B	3.68B	4.85B	4.81B
Asset Turnover	0.27x	0.29x	0.24x	0.48x	0.43x	0.53x	0.50x	0.47x	0.40x	0.40x
Asset Growth %	-0.04%	0.15%	0.15%	-0.05%	0.05%	0.25%	0.06%	0.03%	0.32%	-0.01%
Total Current Liabilities+	98.92M	176.04M	494.54M	207.25M	165.06M	286.09M	230.88M	233.51M	311.87M	580.34M
Accounts Payable	58.74M	64.86M	95.09M	80.32M	83.37M	89.06M	111.56M	114.74M	166.26M	156.26M
Days Payables Outstanding	45.95	50.03	71.07	34.07	43.15	39.14	40.98	37.12	52.57	47.69
Short-Term Debt	11.73M	13.94M	302.63M	25.01M	26.03M	34.11M	25.37M	15.51M	16.17M	16.41M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	17.28M	9.75M	10.37M	5.02M	2.27M	8.21M	1.79M	7.68M	9.37M	304.18M
Current Ratio	2.06x	1.57x	0.80x	1.75x	2.60x	2.67x	4.52x	4.43x	2.27x	1.55x
Quick Ratio	1.19x	0.98x	0.38x	0.62x	1.28x	1.83x	3.35x	3.01x	1.16x	0.73x
Cash Conversion Cycle	42.75	45.53	107.19	73.02	84.41	71.22	67.68	79.36	65.57	110.75
Total Non-Current Liabilities+	612.92M	705.53M	624.22M	687.7M	466.36M	415.7M	368.6M	335.68M	647.84M	1.2B
Long-Term Debt	451.47M	472.85M	399.55M	454.53M	192.29M	0	0	0	141.91M	391.46M
Capital Lease Obligations	0	0	0	2.19M	43.53M	75.91M	49.66M	41.69M	33.06M	29.76M
Deferred Tax Liabilities	68.94M	74.07M	81.52M	103.38M	145.59M	220.9M	187.63M	182.43M	187.14M	169.64M
Other Non-Current Liabilities	92.52M	158.61M	113.15M	129.79M	84.95M	118.88M	131.31M	111.55M	285.73M	606.05M
Total Liabilities	711.84M	881.57M	1.12B	894.95M	631.42M	701.79M	599.47M	569.19M	959.71M	1.78B
Total Debt+	463.19M	486.78M	702.18M	479.54M	261.85M	110.02M	75.03M	57.2M	191.14M	437.62M
Net Debt	378.05M	342.11M	554.71M	376.78M	121.25M	-369.66M	-597.06M	-594.45M	-114.18M	100.85M
Debt / Equity	0.35x	0.33x	0.45x	0.29x	0.13x	0.04x	0.03x	0.02x	0.05x	0.14x
Debt / EBITDA	9.35x	1.64x	2.78x	0.92x	0.34x	0.08x	0.07x	0.06x	0.26x	3.67x
Net Debt / EBITDA	7.63x	1.15x	2.19x	0.72x	0.16x	-0.27x	-0.55x	-0.67x	-0.15x	0.85x
Interest Coverage	-5.89x	12.40x	6.71x	9.34x	19.13x	66.63x	60.48x	46.34x	23.51x	-7.13x
Total Equity+	1.31B	1.45B	1.57B	1.65B	2.05B	2.66B	2.96B	3.11B	3.89B	3.03B
Equity Growth %	-0.14%	0.11%	0.08%	0.06%	0.24%	0.3%	0.11%	0.05%	0.25%	-0.22%
Book Value per Share	1.42	1.52	1.58	1.58	2.01	2.52	2.79	2.90	3.14	2.32
Total Shareholders' Equity	1.3B	1.44B	1.55B	1.61B	1.99B	2.57B	2.86B	3.01B	3.79B	2.98B
Common Stock	2.04B	2.15B	2.2B	2.23B	2.34B	2.41B	2.42B	2.49B	3.44B	3.51B
Retained Earnings	-706.89M	-667.76M	-610.91M	-547.84M	-261.25M	254.34M	506.69M	587.87M	393.83M	-515.31M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-96.25M	-95.44M	-94.29M	-146.15M	-145.07M	-138.53M	-136.11M	-145.8M	-124.62M	-102.71M
Minority Interest	8.86M	9.57M	14.29M	41.91M	61.41M	88.57M	100.58M	103.62M	99.09M	52.6M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	175.4M	411.81M	155M	450.87M	480.52M	987.76M	711.56M	567.91M	714.45M	877.6M
Operating CF Margin %	0.32%	0.6%	0.24%	0.37%	0.42%	0.55%	0.4%	0.33%	0.37%	0.46%
Operating CF Growth %	0.5%	1.35%	-0.62%	1.91%	0.07%	1.06%	-0.28%	-0.2%	0.26%	0.23%
Net Income	-115.08M	38.6M	61.57M	45.12M	293.06M	661.24M	416.37M	242.85M	41.59M	-626.65M
Depreciation & Amortization	233.6M	172.32M	-137K	-61.73M	257.15M	317.42M	375.56M	368.64M	402.37M	0
Stock-Based Compensation	15.21M	13.65M	18.13M	21.69M	0	0	0	0	18.17M	24.68M
Deferred Taxes	-6.84M	7.63M	-17.99M	40.04M	60.45M	54.85M	-5.22M	-3.76M	-9.14M	7.39M
Other Non-Cash Items	40.68M	53.21M	139.5M	395.22M	-82.03M	-130.61M	29.85M	71.65M	388.87M	1.75B
Working Capital Changes	7.83M	126.39M	-46.06M	10.52M	-48.11M	84.86M	-104.99M	-111.48M	-127.42M	-282.78M
Change in Receivables	3.05M	3.73M	-6.77M	3.35M	-19.52M	3.42M	-47.83M	-492.67K	-105.21M	-74.61M
Change in Inventory	7.64M	-17.86M	-58.06M	-41.19M	-18.87M	-26.13M	-23.83M	-48.28M	-50.48M	-185.75M
Change in Payables	7.17M	11.93M	20.39M	1.36M	5.43M	7.41M	11.97M	1.14M	-21.38M	-1.18M
Cash from Investing+	-294.92M	-391.85M	-346.84M	-273.47M	-268.9M	-355.81M	-283.76M	-373.38M	-845.34M	-763.3M
Capital Expenditures	-291.96M	-387.98M	-340.72M	-271.59M	-267.23M	-371.2M	-299.66M	-328.52M	-20.39M	-874.29M
CapEx % of Revenue	0.53%	0.57%	0.53%	0.22%	0.23%	0.21%	0.17%	0.19%	0.01%	0.46%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.18M	2.14M	-4.63M	626K	-54.4M	1.76M	-1.67M	-30.38M	-823.08M	51.43M
Cash from Financing+	75.39M	40.47M	193.02M	-220.51M	-173.64M	-280.49M	-225.99M	-198.63M	-191.37M	-69.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-10.51M	-121.36M	-166.89M	-163.87M	-190.15M	-184.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-14.28M	20.1M	-31.22M	-48.27M	-3.03M	-10.81M	-33.6M	-27.15M	-150.17M	-134.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-35M	60.86M	-217.4M	179.27M	213.29M	667.28M	467.53M	300.5M	638.09M	-23.66M
FCF Margin %	-0.06%	0.09%	-0.34%	0.15%	0.18%	0.37%	0.27%	0.17%	0.33%	-0.01%
FCF Growth %	0.73%	2.74%	-4.57%	1.82%	0.19%	2.13%	-0.3%	-0.36%	1.12%	-1.04%
FCF per Share	-0.04	0.06	-0.22	0.17	0.21	0.63	0.44	0.28	0.52	-0.02
FCF Conversion (FCF/Net Income)	-1.17x	10.52x	2.73x	15.58x	1.64x	1.57x	1.69x	2.25x	70.76x	-1.39x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-10.57%	2.83%	3.76%	1.8%	15.84%	26.66%	14.96%	8.34%	0.29%	-18.19%
Return on Invested Capital (ROIC)	-4.11%	5.43%	3.32%	10.34%	18.13%	35.38%	23.01%	15.46%	7.81%	-5.39%
Gross Margin	15.72%	30.74%	23.53%	29.77%	38.98%	53.57%	43.61%	34.88%	40.33%	37.13%
Net Margin	-27.08%	5.73%	8.9%	2.36%	25.39%	35.11%	23.84%	14.6%	0.52%	-33.12%
Debt / Equity	0.35x	0.33x	0.45x	0.29x	0.13x	0.04x	0.03x	0.02x	0.05x	0.14x
Interest Coverage	-5.89x	12.40x	6.71x	9.34x	19.13x	66.63x	60.48x	46.34x	23.51x	-7.13x
FCF Conversion	-1.17x	10.52x	2.73x	15.58x	1.64x	1.57x	1.69x	2.25x	70.76x	-1.39x
Revenue Growth	13.77%	23.41%	-6.53%	91.81%	-5.67%	54.8%	-1.49%	-1.68%	11.64%	-1.67%

Revenue by Segment

	2017	2018	2019
1040 Gold and Silver Ores	60M	60M	30M
1040 Gold and Silver Ores Growth	-	0.00%	-50.00%

Frequently Asked Questions

Growth & Financials

B2Gold Corp. (BTG) reported $2.50B in revenue for fiscal year 2024. This represents a 1009% increase from $225.4M in 2011.

B2Gold Corp. (BTG) saw revenue decline by 1.7% over the past year.

Yes, B2Gold Corp. (BTG) is profitable, generating $219.2M in net income for fiscal year 2024 (-33.1% net margin).

Dividend & Returns

Yes, B2Gold Corp. (BTG) pays a dividend with a yield of 3.05%. This makes it attractive for income-focused investors.

B2Gold Corp. (BTG) has a return on equity (ROE) of -18.2%. Negative ROE indicates the company is unprofitable.

B2Gold Corp. (BTG) had negative free cash flow of $185.6M in fiscal year 2024, likely due to heavy capital investments.